One method. Evidence tested market by market.
Coverage tells us where filings exist. Local evidence tells us whether a ranked signal can become an actionable recommendation. They are not the same claim.
A market needs two positive disjoint confidence bounds and sufficient price coverage before its signals become actionable recommendations.
See 43 covered markets and their public sources
How the ranking picks
- 1. Screen the universeCompanies above 300 M€ market cap, insider trades under 1% of float.
- 2. Score eligible filings6 equal-weighted point-in-time signals, ranked cross-sectionally each month.
- 3. Hold the top namesTop 10 per month, equal weight, held 90 days (T+90).
The signals carry equal weights, none fitted on returns. The signal set and the screen were picked among tested variants, which biases any backtest upward.
We do not sell the ranking as a way to beat the market. Compare the corrected backtest with the index, then check the live track record.
Forward tracker: maturing, returns published from the threshold onwards.
What the ranking returned, next to the index
The ranking clearly beats the pool of all insider purchases, but it does not demonstrably beat the index.
What Sigma puts together.
OpenInsider covers US Form 4 filings for free. Quiver sells a proprietary API. Bloomberg covers everything inside an enterprise terminal. Sigma combines multi-market filings, a public point-in-time methodology, a score broken down factor by factor, and a REST API plus an MCP server. Other multi-market trackers exist: see the full comparison.
| Capability | Sigma | OpenInsider | Quiver | Bloomberg |
|---|---|---|---|---|
| US Form 4 (SEC) | ✓ | ✓ | ✓ | ✓ |
| Non-US filings (42 other covered markets) | ✓ | ✗ | ✗ | ✓ (paywall) |
| FX-normalised cross-market | ✓ | ✗ | ✗ | ✓ |
| Composite score (open formula) | ✓ | ✗ | proprietary | ✗ |
| Free interactive backtest viewer | ✓ | ✗ | paid | paid |
| Public REST API | ✓ (free tier) | ✗ | paid | enterprise |
| MCP server (AI-native) | ✓ | ✗ | ✗ | ✗ |
| Entry price | €0 / €39 | $0 | $25+/mo | $24k/yr |
17 real captured signals, documented with their public filing and T+365 return (window Mar 2023 · Aug 2024).
